The Manila Electric Co. said on Wednesday its 670MW power supply agreement with South Premiere Power Corp. remains suspended until the Court of Appeals issues a decision on the petition for certiorari.
Valles reiterated that preserving the PSA serves the best interest of Meralco’s 7.6 million customers, as this would protect them from potentially higher electricity rates. “To be clear, the grant of WPI suspends the continued implementation of the PSA but does not terminate the same. This is to allow the parties to negotiate the terms of the PSA. The parties are directed to enter into good faith negotiations as stated in paragraph 11.4 of the PSA,” Associate Justice Mary Charlene Hernandez-Azura said in an 8-page order promulgated on January 25.
Source: Energy Industry News (energyindustrynews.net)
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